JobLab, which uses exchangeable tokens to incentivise members to engage with the platform, ended its campaign on this week with £303,960 in funding, 151% of its goal. The firm met its initial target of £200,000 just two days after opening the investment round to the public on the crowdfunding site Crowdcube.
The London-based start-up, whose on-platform currency is exchangeable for cash, Bitcoin or Ethereum, encourages its 32,000 members to upload ‘video cover letters’ and interact with prospective employers. Its latest campaign was backed by high-profile entrepreneurs including PureGym founder Peter Roberts, and endorsed by former UCAS CEO Mary Curnock-Cook.
Aidan Cramer, co-founder and CEO of JobLab said, “We’re thrilled to hit our stretch target of £300,000. Because of this, we’ll be able to improve the platform, grow our team and, ultimately, provide a better service to the thousands of young people and start-ups who use the platform.
“We’re also delighted that those in our community had a chance to have a stake in JobLab. We launched the business because traditional recruitment was failing graduates.
“Now they can be part of the business turning that industry on its head.”
Peter Roberts, JobLab’s lead investor said, “The new types of businesses that will have market share will have found a way to align themselves so that every side is getting net positive value.
“JobLab adds value to employers, to candidates and to the business and ultimately investors. I know a winner when I see one.”
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